EC Loan Eligibility Income Ceiling and Requirements: Frequently Asked Questions
The EC loan eligibility income ceiling for buying a new Executive Condo (EC) in Singapore is S$16,000 monthly household income, with key requirements including Singapore citizenship, age minimums, and compliance with MSR (30%) and TDSR (55%) limits.[1]
This cluster article answers the most common questions on EC eligibility, EC income ceiling, and EC requirements for 2026 buyers. It supports our pillar guide, EC执行共管公寓融资完整指南：Homejourney权威EC房贷攻略 ">EC执行共管公寓融资完整指南：Homejourney权威EC房贷攻略, providing tactical advice to help you assess your executive condo criteria safely via Homejourney's verified tools.
What is the EC Income Ceiling for Loan Eligibility?
For new EC purchases, the EC income ceiling is S$16,000 per month for the household, assessed as gross monthly income from all sources.[1] This applies to public scheme applicants forming a family nucleus. Self-employed or variable income earners must provide proof like Notice of Assessment (NOA) from IRAS for the past two years.
Homejourney tip: Exceeding S$16,000 disqualifies you from new ECs but opens resale or privatised ECs after 10 years. Use our eligibility calculator to check your status instantly with Singpass integration for accurate, verified results.
Who Can Buy EC? Core EC Eligibility Rules
To qualify for who can buy EC, you need: at least one Singapore Citizen applicant, another Citizen or PR, minimum age 21 (married/widowed/orphaned) or 35 (single/divorced), no private property ownership in the last 30 months, and not more than one prior new HDB/DBSS/EC purchase.[1]
- Citizenship: SC/SC or SC/SPR household.
- Income: ≤ S$16,000/month combined.
- Purchase Limit: Maximum two ECs lifetime; singles under Joint Singles Scheme only for new ECs.
ECs are financed by banks only—no HDB loans—subject to LTV up to 75% (5% cash minimum downpayment) if no prior loans, dropping to 55%/45% with existing debts.[2][3] Always get an In-Principle Approval (IPA) first via Homejourney's bank rates page to compare DBS, OCBC, UOB, HSBC offers securely.
EC Loan Requirements: MSR and TDSR Explained
EC loans must meet MSR (30%)—monthly repayment ≤30% of gross income—and TDSR (55%)—all debts ≤55% of income.[1][2] For example, a S$10,000 household income allows max S$3,000 EC loan repayment under MSR.
| Household Income | Max MSR Repayment (30%) | Est. Max Loan (25yr @3% SORA) |
|---|---|---|
| S$8,000 | S$2,400 | ~S$570,000 |
| S$12,000 | S$3,600 | ~S$850,000 |
| S$16,000 | S$4,800 | ~S$1.14M |
Note: Calculations approximate; actuals depend on age, tenure (max 30yrs or to age 65), and SORA rates. Existing loans (e.g., car) reduce capacity under TDSR.[2] Homejourney's calculator factors in your full obligations for precise insights.
How Age, LTV, and Other EC Requirements Impact Loans
Loan tenure ≤30 years or to age 65 for 75% LTV; 55% if extending to 66-75 (10% cash down).[3] Minimum 25% downpayment total (5% cash).[1] Credit score >600 ideal; stable employment ≥6 months required by banks like DBS/OCBC.
Insider tip: For HDB upgraders, sell within 6 months of EC keys; pay resale levy S$15K-S$55K if prior grant used.[1] Check Projects Directory ">Homejourney projects for EC launches like those in Tengah or Woodlands.
Steps to Check and Improve Your EC Loan Eligibility
- Verify Income: Gather payslips, NOA; cap at S$16,000.
- Get IPA: Apply via Homejourney bank-rates—one form for DBS, UOCB, UOB, HSBC, Standard Chartered, Maybank quotes.
- Calculate Affordability: Use our TDSR/MSR tool with Singpass auto-fill.
- Boost Eligibility: Pay down debts, add stable co-applicant, time purchase post-MOP.
- Apply Safely: Homejourney verifies data, connects to trusted brokers.
Disclaimer: This is general info; consult HDB/banks for personalised advice. Rates as of 2026; subject to MAS rules.
FAQ: EC Loan Eligibility Income Ceiling and Requirements
Q1: What is the current EC income ceiling?
A: S$16,000 monthly household gross income for new ECs.[1]
Q2: Can I buy EC if over income ceiling?
A: No for new ECs, yes for resale/10-year MOP ECs without ceiling.[1]
Q3: Does TDSR apply to EC loans?
A: Yes, 55% limit on all debts; MSR 30% for EC/HDB.[2]
Q4: What documents for EC loan IPA?
A: Payslips (3-6m), NOA, CPF statements, ID. Homejourney auto-fills via Singpass.
Q5: How to compare EC loan rates?
A: Visit Homejourney bank-rates for real-time DBS/OCBC/UOB comparisons.
Ready to check your EC loan eligibility? Start with Homejourney's safe, verified calculator at bank-rates#calculator and explore ECs via property search. For full details, read our pillar: EC Loan Eligibility & Income Ceiling 2026: Complete Requirements Guide ">EC Loan Eligibility & Income Ceiling 2026 Guide.
